Although the Fibonacci Channel says it is, since the price is currently on the support, Bitcoin's historic price action shows that the parabolic curve will continue to dictate the direction, until it breaks (either way) or becomes asymptotic. We can't yet confirm those scenarios.
What we can confirm is the behavior before each Halving. Halvings tend to initiate...
Well you can't say you weren't aware that today's red candle was coming. All the signals were there and I tried to put them into context for you:
Either with the 1D RSI
- or -
The 1D MA200
Today is no different and I have another indication showing why I am waiting to buy more lower ahead of the new bull cycle.
On the 1W (weekly) chart, the RSI reached 58.000...
Bitcoin long term analysis.
You can see my whole setup from the all time high. It might be too chaotic and messy to see, sorry for that. But if you know Elliot wave count, I do not think there will be a problem.
After the all time high I suppose WXYXZ full correction happened. Before finishing the Z wave $6100 area was holding the price very long time, but when...
Here's a scenario I can see unfolding in the next couple of weeks/months on BTC.
Basically ranging but clear bull bias to the upside. With a liquidity play on LONG bias traders in the 2 red boxes.
Ultimately I think from the lower level it will recover quickly but is the last shake retail weak traders out who went long in those red box ranges.
If this unfolds...
I rarely share my analysis of other coins, but BTC just seems to good to not share.
So seems like BTC could go on a bull run to 6000 USD.
As It just broke out of a downwards triangle. Either it will just drop to be in the triangle, which would confirm new lows to be seen.
Or it could go on a bull run, which 6000 would be my first target.
I would place stop...
The price decreases in the narrowing wedge model. A trading plan involves the purchase of Bitcoin after the candlestick fixing above the model's border.
Locally expect testing of the yellow range, after which it is possible to implement a trading plan.
We see the global Triangle formed on this awesome coin's price. It's new, we see nice volume entered and left during autumn of 2018. Now, using Fixed Horizontal Volume, we see obvious volume accumulated near the bottom line of triangle, that can't be avoided by experienced trader.
BUY ZONE: 20600-21200
Why here? Bottom line of the triangle, huge horizontal...
The levels below are good spots for entry. The lower the better. Any of those could be where price rallies from.
Targets are next levels above around 6500. Could have strength to push further beyond but likely it will pause around 6500.
My long term targets for this leg up are 6900-7100s
Retrace down before pop up to next level seems probable. Nice little scalp or entry. 6400 will be a big point. Could see rejection to a continuation of downtrend. Or could gain it and stay on course with the 6900-7100 target.
This my update from my latest BTC update (you can get it here: ).
I wanted to do it in a higher time frame which is 4HR and before was 1HR. As the boxes is not relevant right now but the RSI level and 2 others indicators are looking pretty bullish...
Earlier I posted about the formation of this symmetrical triangle. As of right now we are trading on the .236 and the edge of that triangle. Failure to support at this level will result in $6000 possibly $5300. I find this rather difficult to believe it will happen. This trend has been very strong. That mixed with the thin Ichi cloud approaching makes me lean...
Bitcoin has finally passed through the bearish market and is now in the clear for a bull run, the entire crypto market as of now is seeing green across the board for the second time within a 7 day time frame. Bitcoin has also crossed all 3 moving average time frames that which I typically use (25,50 & 100 periods). This is all...